Seven men from Russia, Ukraine, Latvia and Lithuania are to face charges of laundering more than €60 million ($68 million), using fake companies, cryptocurrencies, false accounts and cash, German prosecutors announced in Berlin on Tuesday.
Two men, aged 59 and 54, are alleged to be the ringleaders of the organized crime group that operated from Berlin and Riga from at least May 15, 2020.
Eight foreign companies are at the centre of the German and international investigation operating bank accounts at a Maltese financial services provider, whose chief executive and owner are two of the accused.
According to the investigation, there were no genuine business operations, but a system of fake contracts and accounts to cover up transfers of funds between the accounts of the fake businesses.
Among the transactions were some through the Tether crypto stablecoin, which is pegged to the dollar and is referred to as USDT.
Two of the suspected ringleaders have been released from custody under condition. No trial date has yet been set by the Berlin district court.
The suspects are reported to have secured commissions amounting to almost €82,000. Berlin prosecutors are applying for around €8 million to be confiscated and for a fine to be imposed on the Maltese financial services provider.
